I’m sorry to hear that.
My wife an I make about the same combined income and we live in an area with a fairly low cost of living. I know it’s hard, we have a paid mortgage and our only debt is a car which should be paid (early) by next January. We put more than what our mortgage was into 401s and watch every penny but run a tight ship to keep our heads above water. When I say tight ship i mean a really tight ship.
It’s strange because when our kids were little we lived on just my paycheck for 10 years and while my income has gone up a lot and our house is paid it is a trick to live off just my income these days.
Having said that and this is not my business still 160k is a good amount they need to find a way to put some bux in the bank for a rainy day. I cannot help but think hard times are coming. I wish them well.
“Having said that and this is not my business still 160k is a good amount they need to find a way to put some bux in the bank for a rainy day.”
But that is the problem. With inflation and gas prices and food prices it takes everything they get just to maintain. They don’t even eat out and are very careful. In fact my daughter is working at a second facility, two jobs right now so that they can keep the fridge full. There just is no extra left to save.
While it sounds like a lot, for a family of six 160K a year is not that much anymore considering the current maintenance costs and economy and income tax rates. 50k of that is income taxes. 15,600 a year for medical insurance. Mortgage is another 15k a year. Property taxes 2k a year. 6k a year for utilities. 6k a year for a car payment. 12k a year for daycare. Tires, fuel, food, clothes for growing kids, Etc. It adds up fast and there really isn’t much left over.
We just ain’t in Kansas anymore. And the dollar is only worth .08 cents in true purchase value... The days of raising a family on one income are long gone, now it is even hard with two incomes and both parents working two jobs...